Tag: Compagnie de Phalsbourg

Compagnie Secures Financing for Spain’s Largest New Shopping Centre

28 November 2017 – Expansión

Yesterday, the French group Compagnie de Phalsbourg managed to close financing, amounting to €157 million, for its first shopping centre in Spain: the Open Sky centre in Torrejón de Ardoz (Madrid), according to Expansión.

The establishment will have a gross leasable area of 85,000 m2, will house 100 stores, 3,500 parking spaces and a large garden area with a central lake.

To obtain the necessary resources for its project, Compagnie de Phalsbourg has resorted to non-bank financing through a competitive process. Sources close to the operation maintain that a single fund has subscribed 100% of the financing. According to the same sources, it is a fund based in the City of London, specialising in the real estate sector.

“This process is a boost for Spain because it shows that international investors, in this case, French and British players, see potential in Spain”, say financial sources. The crisis in Cataluña has not affected the process in this case, whose negotiations started long before the tension escalated in that regard.

The French group expects that Open Sky will be inaugurated by the end of next year. In fact, the first earth movement work has now begun and the land that Compagnie acquired for €110 million from the Town Hall of Torrejón in 2015 is being prepared (…).

The company has already signed agreements with around twenty fashion labels, accessories brands and service providers, including with many high-profile names such as Adidas, Reebok, Decimas, OVS, Okaidi, Merkal, Kiwoko, Orchestra, RKS, Celio, Encuentro Moda and Druni, amongst others. Moreover, the shopping centre will have 11 Cinesa cinema screens with capacity for 1,200 people and it has already signed agreements with restaurant groups such as the Vips group, with its five brands (Vips, Fridays, Ginos, Wagamama and Starbucks); the Zena group (Fosters and Cañas y Tapas) and the Restalia group (100 Montaditos and La Sureña).

Once Open Sky is fully operational, it is expected to generate approximately 1,000 new jobs in the region.

The Spanish investment boutique Alantra has served as the sole advisor to the operation for the French group. In addition, Alantra has advised the firm on three other projects in Spain. Meanwhile, Clifford Chance and Uría have been responsible for providing legal advice (…).

Original story: Expansión (by Andrés Stumpf)

Translation: Carmel Drake

French Guru To Build Giant Shopping Centre In Torrejón

25 April 2017 – El Confidencial

After four years of negotiations, the French multinational Compagnie de Phalsbourg has received the definitive green light to launch its first project in Spain. And it’s going to be a giant, with a gross leasable area of more than 100,000 m2, which promises to revolutionise the nature of shopping centres in the country.

The project will comprise an Open Sky complex and The Village outlet, two concepts that the French group has decided to combine in the same space for the first time in their history. Last week, the Town Hall of Torrejón de Ardoz granted the construction licence for the former, which had already received its urbanisation permit and, just three weeks ago, ING sold the French company the adjoining plot for the development of the outlet.

With these two milestones under its belt, Compagnie de Phalsbourg has put its foot down on the accelerator to begin construction of Open Sky next month and has already started marketing The Village. The aim of these two parallel lines of action is to inaugurate the complex in time for Christmas 2018 and to bring a new shopping centre concept to Spain, with the architecture taking on a starring role, including vast green spaces and water games.

The project presents a real challenge for this area in the northeast of Madrid, which just a few weeks ago saw the rejection of another major investment that had planned for this area, Cordish’s new Eurovegas, by the President of the Community, Cristina Cifuentes. The French group’s project, on the other hand, has already received the blessing of the local administration, which will allows it to enter and compete at the height of a period of transformation in the sector, following changes of ownership and the relaunch of Plenilunio, Cuadernillos and Alcalá Magna, as well as the upcoming sale of Parque Corredor.

The new Open Sky, designed by the architect Gianni Ranaulo, will be an outdoor shopping centre, with a gross leasable area (GLA) of 80,000 m2, containing 100 stores and 3,500 parking spaces, where numerous fashion houses will sell their wares along a walkway measuring more than 1.5 km The site will also have a navigable central lake, where light and water games will be held.

New giant

50% of the retail space has already been leased to firms such as Merkal, Adidas, Reebok, Soloptical, Kiwoko, Orchestra, Druni and Movistar, and an agreement with the Inditex giant is pending confirmation. (…).

Meanwhile, The Village, an outlet designed in the style of a villa by Philippe Starck, will cover a surface area of 22,000 m2 and will house 120 stores and restaurants, and 1,500 parking spaces. (…).

With these two developments, in which Compagnie de Phalsbourg plans to invest more than €100 million, the French group is beginning its expansion plan in Spain, where it plans to spend more than €500 million launching around half a dozen new projects over the next few years.

Founded in 1989 by Philippe Journo, the French group owns assets amounting to €1,240 million, as well as shopping centres (in operation) covering 600,000 m2, and shopping centres under construction covering 350,000 m2 in France. With rental income of €72 million per year, the company focuses its activity on the development, management and sale of both shopping centres and residential complexes (…).

Original story: El Confidencial

Translation: Carmel Drake

Phalsbourg To Build Macro Shopping Centre In Torrejón

23 December 2015 – Expansión

The French group has purchased a plot of land measuring 138,000 m2 from the Town Hall of Torrejón, where it plans to develop a huge shopping centre.

The French group Compagnie de Phalsbourg, which specialises in the promotion and management of shopping centres, has chosen Spain for its first international adventure. The company, founded by Philippe Journo, has completed the purchase of a plot of land measuring 138,000 m2 in the Madrilenian suburb of Torrejón de Ardoz, where it plans to construct a huge shopping centre. “After more than 20 years of experience in France, we have decided to expand overseas. We have looked at opportunities all over the world, including in: China, Russia, Italy, Romania, etc. In the end, we have decided to invest in Spain because now is the right time here…”, explains Raphael Martin, the Director General of Compagnie de Phalsbourg.

The French group has been awarded this plot of land, which is located next to the Torrejón air base, through a public tender. It will pay €15.4 million (plus VAT) for the site. “We have just completed the land purchase and we want to begin construction at the beginning of April, so that the tenants can begin to move in during 2017 and then open their doors between April and May 2018”, says Martin.

The new shopping centre, called Open Sky, will have a retail surface area of 65,000 m2, spread across 60 stores, plus 2,500 parking spaces. “It will be an open concept containing, for the most part, fashion chains with stores of between 50m2 and 500m2, distributed along a corridor that will run for more than than 1.5km”. Compagnie de Phalsbourg will invest €110 million in the centre and will create around 450 jobs.

This is not the only project that Compagnie de Phalsbourg has underway in Spain. The company is also working on the second phase of this project, which involves the construction of an outlet centre measuring around 22,000 m2, designed by the renowned architect Philippe Starck.

“In total, we are going to invest €170 million, plus the amount that the brands will spend opening their stores. Up to 800 people will work at our complex in Torrejón”.

In addition, the French group, which owns assets worth €1,200 million, is evaluating other projects in the Spanish market. “We are looking at other locations in Madrid, Barcelona and the País Vasco”.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake